All Social Security Retirees Should Do This by Nov. 19

Each year, there are a few Social Security dates that retirees should be aware of, such as the date they receive benefits each month. Arguably the most important date for Social Security just happened, when the Social Security Administration (SSA) announced the annual cost-of-living adjustment (COLA) on Oct. 24, later than usual due to the government shutdown.Now that retirees have a rough estimate of how much benefits are going up next year, they should all make sure to do this one thing by Nov. 19.The SSA recently announced that the COLA for next year will be 2.8%. The purpose of the COLA is to help retirees maintain their purchasing power each year based on inflation. Now, many would say that annual COLAs have failed to keep up with inflation over the years, but extremely high inflation in recent years has also led to much higher COLAs than normal. The COLA also came in much higher than expected this year.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool